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October 27, 2011 08:00 ET
CB Gold Announces $11 Million Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 27, 2011) - CB Gold Inc. (TSX VENTURE:CBJ) -
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CB Gold Inc. ("CB Gold" or the "Company") announces that it has arranged for a non-brokered private placement of 10,000,000 units (the "Units") at a price of Cdn$1.10 per Unit, for gross proceeds of Cdn$11 million. The private placement has been fully subscribed by Lumina Capital Limited Partnership ("Lumina").
Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable for one common share of the Company at a price of Cdn$1.40 per share for a period of three years from the date of issuance.
The Company has agreed to pay a finders' fee of Cdn$330,000, payable in common shares of the Company to be issued at market price at the date of closing of the private placement.
CB Gold intends to use the proceeds from the private placement to fund exploration and development at the Company's Colombian properties, working capital and general corporate purposes.
"We are very pleased to announce this financing and strengthen our relationship with Lumina, a group with a very successful track-record, such as their investment in near-by Ventana Gold. This deal is extremely positive for the Company moving forward, and will allow us to continue expanding the newly discovered high-grade zone at Real Minera," commented Fabio Capponi, CB Gold's CEO.
The private placement is subject to approval by the TSX Venture Exchange.
https://www.marketwire.com/press-release/cb-gold-announces-11-million-non-brokered-private-placement-tsx-venture-cbj-1578444.htm